Pepperstone offers two accounts with the lowest spreads coming from the Razor account with low commissions and ECN spreads from 0 pips for EUR/USD. Low-cost forex trading is available across 80+ currency pairs on forex trading platforms like MT4.
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Pepperstone has two main accounts for CFD and forex trading. The standard account is for beginner traders with no commissions but higher spreads. The razor account has the lowest ECN broker spreads and commissions. The Razor account spreads are compared below, and you can view our Pepperstone Razor vs Standard Accounts comparison table to understand more about the differences between the two.
| Standard | Razor | |
|---|---|---|
| EUR/USD Spreads | From 1.0 pips | From 0.0 pips |
| Commission | None | From $3.50 per side |
| Ideal For | New Traders | Experienced Traders |
With the Razor account the most popular trading account across the MetaTrader 4, MetaTrader 5 and cTrader platform, this analysis looks at those spreads first.
| Raw Account Spreads | Pepperstone | Average Spread |
|---|---|---|
| Overall | 0.47 | 0.72 |
| EUR/USD | 0.1 | 0.28 |
| USD/JPY | 0.3 | 0.44 |
| GBP/USD | 0.3 | 0.54 |
| AUD/USD | 0.2 | 0.45 |
| USD/CAD | 0.4 | 0.61 |
| EUR/GBP | 0.2 | 0.55 |
| EUR/JPY | 0.7 | 0.74 |
| AUD/JPY | 0.5 | 0.93 |
| USD/SGD | 1.5 | 1.97 |
The Euro is one of the most popular currencies in the world for forex traders. The EUR/USD is the most traded currency pair (24% of all trades) in the world. As below highlights, Pepperstone has the lowest average spreads across two of the three most popular Euro currency pairing.
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Top 3 Euro Spreads
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|---|---|---|---|
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0.20 | 0.30 | 0.10 |
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0.30 | 0.20 | 0.10 |
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0.40 | 0.20 | 0.20 |
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0.40 | 0.20 | 0.44 |
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0.54 | 0.24 | 0.17 |
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0.50 | 0.30 | 0.20 |
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0.60 | 0.30 | 0.10 |
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0.60 | n/a | n/a |
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1.13 | 0.77 | 0.44 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
88% of forex trading involves the US Dollar, so spreads to this currency are critical. Below shows three popular USD forex pairs with Pepperstone Razor account extremely competitive compared to similar ECN brokers.
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Top 3 US Dollar Spreads
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|---|---|---|---|
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0.30 | 0.40 | 0.30 |
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0.20 | 0.30 | 0.30 |
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0.20 | 0.30 | 0.50 |
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0.20 | 0.83 | 0.85 |
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0.24 | N/A | 0.59 |
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0.30 | 0.70 | 0.60 |
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0.30 | 1.10 | 0.60 |
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n/a | 0.30 | 0.20 |
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0.77 | 1.41 | 1.08 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
Asia Pacific remains one of the fastest-growing regions in the world, with Australia and Singapore leading the way. In fact, within Australia, the number of retail foreign exchange traders increased by 121% between 2017 and 2019. Below shows two major Australian Dollar pairing (AUD) and one Singapore Pairing (SGD) which is the other financial services hub in the region.
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Top 3 Asia Spreads
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|---|---|---|---|
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0.20 | 0.50 | 1.50 |
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0.20 | 0.50 | 1.40 |
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0.20 | 0.50 | 1.50 |
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0.42 | 0.50 | 1.30 |
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0.30 | N/A | N/A |
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0.40 | 0.60 | 10.00 |
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0.50 | 1.10 | 1.30 |
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0.50 | 0.70 | 3.10 |
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1.23 | 1.17 | 1.85 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
The Pepperstone commission fees for Razor accounts customers are based on the forex trading platform chosen and the currency pair selected. This is detailed below, focusing on the three main Best Forex Brokers In Australia.
| Commission Fee | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| Pepperstone Commission Rate | $3.50 | $3.50 | £2.25 | €2.60 |
| Industry Average Rate | $3.44 | $3.32 | £2.44 | €2.91 |
The most popular forex trading platform in the world is MetaTrader 4 (MT4) with most Pepperstone customers selecting this software. Pepperstone offers 10 base currencies with a commission based on the trader’s selection. The table below shows the 2025 commissions.
| Base Currency | US Dollar | Euro | British Pound | Australian Dollar | Canadian Dollar | Swiss Franc | Singapore Dollar | New Zealand Dollar | Hong Kong Dollar | Japanese Yen |
|---|---|---|---|---|---|---|---|---|---|---|
| Commission Per Lot | USD 3.50 | EUR 2.60 | GBP 2.25 | AUD 3.5 | CAD 3.5 | CHF 3.30 | SGD 4.55 | NZD 4.75 | HKD 28.17 | 303 |
Pepperstone was found to be the best MetaTrader 4 broker in the world based on the low spreads and commissions shown above. In addition, Pepperstone won one of the speed test categories for MT4 (market execution) and has award-winning customer service. You can view our full MetaTrader 4 comparison by clicking on the button below.
Traders commonly choose the cTrader platform due to the unique programming language that allows automated trading to occur. The cTrader and TradingView commission rate is based on a USD 6 charge per lot round-trip and then converted to the account currency at currency foreign exchange rates.
Across a number of currency pairs, Pepperstone has either the lowest or competitive spreads. The broker also has commissions similar to most other leading ECN brokers in the industry. They also don’t have hidden fees such as deposit or withdrawal charges on the Razor account.
Competitive commissions and low spreads is why Pepperstone is the fastest growing broker.
Razor is recommended for any trader looking to minimise their brokerage while trading forex or CFDs.
A pip is a price interest point. This makes perfect sense if you have an intermediate level of Forex knowledge, but we’ll go ahead and explain this just a little further. A price interest point is a way to measure the smallest amount of change that can occur in the exchange rate between a currency pair.
A currency pair is the two currencies that are being exchanged or bought and sold. You need to be aware of what the pip you’re dealing with is, as it can mean the difference between a slight hiccup and a huge loss.
At this point you probably want to know what the Pepperstone spreads we’ve been talking about are so we’ll make this as simple as possible. If you use an online broker for CFD trading anything from commodities and currencies to securities, then you’ll no doubt be aware that your broker needs to be paid for their services.
Usually, this payment is in the form of a fee or commission. Most people are familiar with how commission’s work and spreads aren’t too different. A broker who charges a commission will be taking a cut off the pip. A trade will involve a bid and an asking price; the spread is the difference between the two.
A broker who charges clients on a percentage of spread basis will either have a variable or fixed spread. A fixed spread will be the same regardless of market fluctuations and is offered by some broker such as City Index and easyMarkets. In contrast, a variable spread will fluctuate with the market. All of these have their advantages and disadvantages, and you’ll need to weigh them up based on your circumstances. Pepperstone spreads are variable and start at just 0 pips on the AUD/USD pair.
Without currency pairs, there would be no such thing as a foreign exchange market. A currency pair will always factor in two distinctive parts, the base currency and the quoted currency. When Forex brokers discuss trades, you’ll see them illustrated as something like AUD/USD. In this scenario, the AUD would be the base currency and USD is the quote currency. These are two currencies, but in Forex trading they are one unit.
The value of the currency pair is always the base relative to the quote currency. Essentially, when you are working with a currency pair, the base currency is the one you’re purchasing and the quote currency is the one you’re selling. These actions happen simultaneously, so in our initial scenario you would be buying the Australian Dollar as you were selling the US Dollar.
Customer service and assisting clients in combination with a low minimum deposit is at the heart of what Pepperstone is all about. Pepperstone spreads are some of the most competitive in the industry and are designed to give their customers that extra edge.
The company seems to have taken to heart the trader’s desire for a fast and convenient Forex and CFD trading environment and has combined software that supports efficiency with some of the best spreads in the market, however, it should always be remembered that traders are at high risk of losing capital.
Every trader can find their perfect broker based on their needs, so the simple answer to finding a competitive Forex broker for yourself is to look at your needs and weigh up the offers of each broker. Some might find a broker who works with variable spreads more appealing to them, while others might prefer fixed spreads. If you’ve gotten this far down and aren’t quite sure what spreads or pips, we delve into this further below.
We established in our Pepperstone Review that they are a very impressive firm. As we’ve gone through the basics of Forex trading, it should be clear to you that it is as complex as it is lucrative. A trader who wants to make money has to balance time, resources and risk and needs to completely understand jargon such as pips, index CFDs, commissions and spreads.
When comparing Pepperstone vs IG, Pepperstone spreads tend to start as low as 0.00 pips, much lower than what we found in the IG Markets Review. The company also utilises the best and most reliable software in the industry. They value their customers’ time and money, which is why they have stated that they aim to provide individual traders with institutional-level resources. They keep costs low, efficiency high, and customers happy. What’s not to like.
No, Pepperstone is not a scammer. The broker is licensed by multiple top-tier financial regulators, including in Australia (ASIC), Europe (CySEC and BaFin) and the United Kingdom (FCA).
Pepperstone is a no dealing desk (NDD) broker that uses straight through processing to execute clients’ orders. While market makers set their own bid ask prices and use their own liquidity to fill your orders, NDD brokers use external sources of liquidity to determine spreads and act as a counterparty to your trades.
To compare Pepperstone to other no dealing desk brokers, No Dealing Desk Brokers.
Pepperstone is considered one of the best forex brokers worldwide for multiple reasons, including:
To learn more, read our full Pepperstone Review.
Forex is one of the most popular trading or investment classes in the world and is growing at an incredibly rapid rate. Over the last few years, the Forex market has grown into a $5 trillion a day market as savvy traders flock to try to turn a profit from currency speculation.
This increased interest from investors has brokers in the industry striving to become standard setters in this incredibly competitive industry. While these brokers’ list of services have made it easier and more accommodating for traders, with many companies offering similar services now, it’s pretty difficult to choose one broker over another. When we compare Pepperstone vs OANDA and Pepperstone vs FXCM, Pepperstone has positioned itself to be the best of the best, not just in Australia but in North America, Europe, and Asia too.
Other options for low spreads are the Axi account and IC Markets forex trading account. See our Pepperstone vs IC Markets review for additional information.
In this modern world of online trading where markets are more open, it’s easy to understand why you might question the need to bother with a broker at all? After all, many industries have moved away from relying on service companies. However, Forex is a little different as it is highly volatile and incredibly easy to lose your money due to poor software. Broken down in more detail in the GO Markets vs Pepperstone comparison, both brokers offer their client’s experience, skill, and access. The foreign exchange market is one that is fueled by exchange rates, hence the name.
A broker will have faster access to rates and information than someone not in the industry highlighting the importance of a broker. Foreign Exchange doesn’t happen in a centralised location such as the NYSE in the United States. Instead, it is broad and scattered, which makes brokers even more essential in this decentralised system. A broker’s job is to act as your agent to get you the best price possible. They are critical for traders of every level of experience.
Recently, the FCA changed forex and CFD trading regulation in the United Kingdom (UK), banning retail investor accounts from accessing cryptocurrency markets such as Bitcoin and Ethereum. If you want to trade cryptos, you will need to sign up to one of the broker’s subsidiaries outside the United Kingdom.
Ask an Expert
Hello… Yes, I would like to, while I have a question… What should I do as a new person entering the Forex and striving for success.. Is there someone who can help me in learning and is there anyone who guides us in the fluctuations of the market, stocks and the right choices? .? Please reply to that
Hi Ilyas, we compare forex brokers but don’t provide trading advice. A good broker will include an education library to help with you learn to trade with many of them being free. These can be in the form of eBooks, Web Pages, videos, and online seminars. Beyond brokers, there is a wealth of material on the web.